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International Tax - British Virgin Islands Highlights 2017 PDF
International Tax - British Virgin Islands Highlights 2017 PDF
Stamp duty – A 12% stamp duty (4% if the transferee is than a half-acre, but less than one acre, and any
a BVIslander) is levied on property transactions; minimal additional acre or part of an acre is taxed at USD 50 per
duty is levied on other conveyances. year. Lower fees apply if the land is owned by a
Transfer tax – No BVIslander or a BVI company.
A building tax is levied at a rate of 1.5% of the assessed
Anti-avoidance rules:
annual rental value.
Transfer pricing – No Inheritance/estate tax – No
Thin capitalization – No Net wealth/net worth tax – No
Controlled foreign companies – No Social security – The employer must pay 4.5% of the
Disclosure requirements – No employee’s salary (up to a cap), via withholding from the
gross salary.
Compliance for corporations:
The employer must pay 3.75% of the employee’s salary
Tax year – Calendar year for national health insurance; the employee also pays the
Consolidated returns – Consolidated returns are not same rate (both are subject to a cap).
permitted; each company must file a separate return.
Compliance for individuals:
Filing requirements – None for corporate income tax
purposes, but filing requirements apply for payroll tax, Tax year – Calendar year
social security and stamp duty purposes. Filing and payment – There is no income tax filing
Penalties – There are some penalties for failure to obligation, but returns have to be filed for stamp duty.
comply with the law. Penalties – There are some penalties for failure to
Rulings – No comply with the law.
Basis – There is a zero-rated income tax regime for all Taxable transactions – The BVI does not levy VAT or
BVI individuals and domiciled unincorporated entities. sales tax.
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